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Should I invest my money with Citizens Bank?
I am 23 years old and I have $120,000 sitting in my bank account just building interest at around $1-$2 a month. I have no idea how or where to invest, currently I m just working a part time job at Best Buy while looking for something Full Time, but in the mean time I want this money to grow.
I have been visiting with my local Citizens Bank because I feel like I should be investing this money and so far one of their experts that they got gave me this proposal called a Vanguard S&P 60% Equity/ 40% Fixed Income Portfolio to think about. They suggested that I put $75,000 into a Managed Money account and that they will help do most of the work and help make my investment grow. The Asset Allocation in the proposal says:
28.7% Large-cap core Vanguard 500 ETF
6.6% Mid-cap core Vanguard Extended Market ETF
19.3% Int l Developed Mkts Vanguard FTSE Developed Markets ETF
4.2% Int l Emerging Mkts Vanguard FTSE Emerging Markets ETF
4.4% Long Bond Vanguard Long Term Bond
11.7% Intermediate Bond
11.3% Short Bond
11.8% International Bond
2% Cash Core Money Market
So far I follow a lil bit of what they are saying, but when I talked about the idea with my close friends, they all say I shouldn t do it because of risk of losing so much and they say those experts just say all that stuff and make you feel comfortable because they want to make money too and commission. So I m wondering if anyone one here has any advice or think I should do it? Because I feel a bit hesitant of the risk
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I would suggest you not to listen to your friends. Most of your friends have as less knowledge about investments as you have. You should ask around your circle of friends and neighbours for recommendations of good fund managers. Once you get a few recommendations, you can discuss your issue with a few of them and if everyone has almost the same opinion, you should follow their investment advice. I will suggest you to consult the international funds management professionals. Many of my friends have got great return on investments by following their advice. You can contact them on [Link](Mouse over link to see full location)
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If I were you I would approach multiple financial institutions about the money you want to invest and see what their experts say and see if it aligns with Citizens Bank of which I never heard of before by the way.
Then again, I'm not American. See f they're telling you the same things Citizen's did. Wait and see what they say and then present them with Citizen's proposal and get a reaction. You should know from that where to put your money. Also before investing try to find a friend, relative,prof, teacher or someone who knows finance very well to look at any and all advice these banks give before leaping. The banks are ut for themselves and not your interests the majority of the time. If something doesn't feel right walk away.
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